Bearing a fixed coupon of 1.875%, the bond was 3.3 times oversubscribed. It was issued on the Euromarket. According to the Spanish utility’s press statement on Tuesday, Iberdrola is the first Spanish company that issues a green hybrid bond and the second internationally.

Iberdrola will have the rights to buy back the new bond at the offered rate within five and a half years. The hybrid bonds will be half-debt and half-capital, it said.

As part of its strategy to ensure that a large portion of its liabilities have “a green format”, in February Iberdrola announced a “green loan” deal amounting to EUR 500 million, the proceeds of which were allocated mainly for energy efficiency and renewable energy projects.

Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.